Apr 17, 2012 | Comments 0
New home sales in March were slightly lower than those in February but on the overall have resulted in the highest number of new private homes sold in a quarter shifting 6, 682 units, according to CBRE.
In March, a total of 2, 393 private homes and 798 executive condominiums (EC) were sold.
In comparison, February witnessed 2, 417 private homes and 725 new ECs sold.
“The record sales volume was partly a function of high liquidity and low mortgage interest rates as well as the record number of projects launched in the first quarter of 2012,” said Li Hiaw Ho, executive director, CBRE Research.
More launches this quarter
According to CBRE, 6, 982 new homes were launched in the first quarter compared to 4,105 units launched in the previous quarter.
Most of the projects were from the Government Land Sales programme in 2011 with developers now shortening the turnaround time to launch them.
Explaining the strong reception to EC projects, Li said such projects were affordable and priced in the low S$700 (US$560) per sq ft range.
Li also said this was mirrored in the take-up of private residential projects that were priced around 25 per cent above the ECs at about S$900 (US$720) per sq ft.
The top three projects in March with the highest number of units sold were Ripple Bay (326 units sold), The Minton (118 units sold) and Riversound Residence (115 units sold).
The median prices of these three projects were between S$880 (US$704) per sq ft and S$900 (US$720) per sq ft.
Another reason for the good take-up rates were the supply of compact units.
“They helped to boost sales figures because of their affordable price quantum,” said Li.
Projects with such units that sold well in March included East Village (83 units sold out of 90), Millage (69 units sold out of 70) and Levenue (41 units sold out of 43).
Casa Cambio which was launched in February sold another 45 units in March leaving only six units left unsold of its 198 units.
All of the above projects are all freehold which are priced between S$1, 200 (US$960) per sq ft and S$1, 400 (US$1, 119.20) per sq ft.
Mass market dominate sales and take-up rates
Mass market condos launched in the Outside Central Region led sales with 1, 761, 1, 832 and 1, 825 units sold in the respective months of January, February and March.
Best sellers in the first quarter included Watertown (935 units sold out of 992), Parc Rosewood (607 units sold out of 689) and The Hillier (478 units sold out of 528).
Take-up rates of new homes were also robust in the suburbs with 5, 418 units recorded in the Outside Central Region, followed by 1, 134 and 130 units in the Rest of Central Region and Core Cetral Region respectively.